Sibur divests petchem firm as part of non-core asset sale strategy

MOSCOW (ICIS)--Sibur has signed an agreement to sell a 100% stake in the Novokuibyshevsk Petrochemical Company to a group of Russian investors, the petrochemical major said on Tuesday.

The company did not fit Sibur's production structure because of its remote location from sources of feedstock supplies in western ?xml:namespace>Siberia, Sibur said in a statement said without disclosing financial details.

The Novokuibyshevsk Petrochemical Company, based in the Samara region of central Russia, was formed in 1998. It processes light hydrocarbons and produces para-tertiary butylphenol (PTBP).

The sale, to a group of investors that controls acetone and phenol producer Samaraorgsintez, is part of Sibur's strategy to divest non-core assets and reduce the number of production facilities.

In February 2010, Sibur announced a sale of a 100% stake in OAO Kauchuk, an MTBE and synthetic rubber producer.